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J. Crew CEO stepping down

J. Crew CEO Mickey Drexler, 72, is stepping down after 14 years leading the clothing retailer. He told WWD that the decision was his own, and that he was "relaxed-ish" about the move. Drexler will stay on as chairman.He will be replaced as CEO in July by James Brett, who currently leads West Elm, the retail furniture chain.

Per Fortune: "J. Crew has generated major headlines of late but for all the wrong reasons: it announced job cuts in April, a dicey debt restructuring in May, saw the high-profile exit of creative director Jenna Lyons, and shuffled other key executive posts this spring."